Approximately $24.5 million (just over £18million) was raised and the families will receive £250,000 each.

In a statement, We Love Manchester’s Councillor Sue Murphy said: ” Thanks to this we have raised more than £18m and we were conscious that we had to get some of swiftly this to those with immediate needs.

“We have therefore given a around third of the total to the bereaved families and £3.5m to those who were hospitalised after the attack. In total this means we have allocated over half of the existing money already.

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“We will now spend some time looking at how we will distribute the rest of the funds. This will be a complex and sensitive process as we will need to assess the long-term impacts of the attack. We will issue an update as soon as we know more.”

Part of the funds also went to those who were hospitalized as a result of the attack.

The memorial will be led by an advisory group of business and civic leaders. The group will also consult with the family of the victims in order to determine “the form and location of any permanent commemorations”.